Cash Gifting???

[trulyseeking]

What is the name of your state (only U.S. law)? Michigan

Is cash gifting actually legal? Are people being prosecuted for this activity?

Are the gifts received taxable?

 

[BOR]

You mean if I gave you $1,000.00 for a Christmas present, is it taxable?? NO!!

That does not meet the definition of INCOME or related term.

 

[trulyseeking]

No, I mean getting involved in a gifting program where people receive 500-3500 dollars at a time from people and continue in the activity of gifting to the point of replacing income.

 

[BOR]

Technically, I don't know, Title 26 of the U.S. Code is the IRS code, thumb through it or key in certain terms for a search engine hit.

It may be classified as some type of gaming scheme/pryamid scheme, and would make it illegal.

I am trying to think of another term, such as pryamid, but can't joggle the noggin right now.

 

[racer72]

Gifting is another name for a pyramid scheme. The whole premise is illegal.

 

[BOR]

I am trying to think of another term, such as pryamid, but can't joggle the noggin right now.

I banged my noggin a few times and came up with it.

Ponzi scheme - Wikipedia, the free encyclopedia